Italian infrastructure investor Fondi Italiani per le infrastrutture SGR S.p.A. (F2i), has agreed to acquire Spanish renewable energy developer Renovalia.
F2i stated in a press release the move would raise its installed renewable energy portfolio to 1 GW of generation capacity, and said an additional 800 MW will be added as further projects are under development. The financial terms of the acquisition were not disclosed.
Before the acquisition, the independent infrastructure fund manager had an installed capacity of around 853 MW, all of it in Italy.
The move also offers a route into the Spanish PV market for F21's unit EF Solare. “Renovalia is the fourth [largest] PV plant operator in the country for installed power and is therefore well positioned to participate in a new cycle of investments,” stated the fund.
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Renovalia is building a 79 MW merchant solar plant in Puertollano, southern Spain. The El Bonal PV park is the first part of a portfolio of more than 1 GW of solar and wind capacity Renovalia plans to develop in Spain on a merchant basis. The company is present in six countries: Spain, Mexico, Chile, Italy, Hungary and Canada. It operates and manages more than 805 MW of renewables assets – 11 solar parks and 17 wind farms.
*article was amended on Dec. 16 to specify that EF Solare is not a joint venture between F2i and Enel Green Power, but a 100% subsidiary of F2i.
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